MARC MICHELS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARC MICHELS
Largest movements
- Cash +€391,398
up €391,398 (+382%), from €102,513 to €493,911
mainly Current investments (+€150,000) and Stocks and contracts (+€134,328)
- Current investments -€150,000
down €150,000 (-100%), from €150,000 to €0
- Stocks and contracts -€134,328
down €134,328 (-23.3%), from €575,405 to €441,077
- Receivables within one year -€72,088
down €72,088 (-92.0%), from €78,385 to €6,297
of which Trade receivables: -€68,707
- Tangible fixed assets -€40,631
down €40,631 (-3.8%), from €1.1m to €1.0m
of which Land and buildings: -€26,488
No liability line moved by more than 1% of the balance sheet total.
- Staff costs -€17,237
down €17,237, from €16,467 to -€770
- Taxes +€9,319
up €9,319, from -€4,312 to €5,007
- Gross operating margin -€4,840
down €4,840 (-8.3%), from €58,507 to €53,667
- Financial income -€3,851
down €3,851 (-73.6%), from €5,234 to €1,383
- Financial charges -€1,532
down €1,532 (-69.6%), from €2,202 to €670
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,995,884 | €1,983,629 | -€12,255 | -0.6% |
| Fixed assets | 21/28 | €1,082,881 | €1,039,425 | -€43,457 | -4.0% |
| Tangible fixed assets | 22/27 | €1,080,055 | €1,039,425 | -€40,631 | -3.8% |
| Land and buildings | 22 | €850,667 | €824,179 | -€26,488 | -3.1% |
| Plant, machinery and equipment | 23 | €4,337 | €1,518 | -€2,820 | -65.0% |
| Furniture and vehicles | 24 | €9,245 | €4,545 | -€4,700 | -50.8% |
| Other tangible fixed assets | 26 | €215,805 | €209,182 | -€6,623 | -3.1% |
| Financial fixed assets | 28 | €2,826 | €0 | -€2,826 | -100% |
| Current assets | 29/58 | €913,003 | €944,205 | +€31,202 | +3.4% |
| Stocks and contracts in progress | 3 | €575,405 | €441,077 | -€134,328 | -23.3% |
| Stocks | 30/36 | €575,405 | €441,077 | -€134,328 | -23.3% |
| Amounts receivable within one year | 40/41 | €78,385 | €6,297 | -€72,088 | -92.0% |
| Trade receivables | 40 | €68,707 | €0 | -€68,707 | -100% |
| Other amounts receivable | 41 | €9,678 | €6,297 | -€3,381 | -34.9% |
| Current investments | 50/53 | €150,000 | €0 | -€150,000 | -100% |
| Cash at bank and in hand | 54/58 | €102,513 | €493,911 | +€391,398 | +382% |
| Deferred charges and accrued income | 490/1 | €6,700 | €2,920 | -€3,780 | -56.4% |
| Total equity and liabilities | 10/49 | €1,995,884 | €1,983,629 | -€12,255 | -0.6% |
| Equity | 10/15 | €1,972,560 | €1,970,801 | -€1,759 | -0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,953,968 | €1,952,209 | -€1,759 | -0.1% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €1,935,218 | €1,933,459 | -€1,759 | -0.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €23,325 | €12,828 | -€10,496 | -45.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €21,592 | €10,928 | -€10,663 | -49.4% |
| Current portion of amounts payable after more than one year | 42 | €5,866 | €0 | -€5,866 | -100% |
| Trade debts | 44 | €3,073 | €1,891 | -€1,182 | -38.5% |
| Suppliers | 440/4 | €3,073 | €1,891 | -€1,182 | -38.5% |
| Taxes, remuneration and social security | 45 | €4,919 | €1,053 | -€3,866 | -78.6% |
| Taxes | 450/3 | €4,872 | €1,053 | -€3,819 | -78.4% |
| Remuneration and social security | 454/9 | €47 | €0 | -€47 | -100% |
| Other amounts payable | 47/48 | €7,735 | €7,985 | +€250 | +3.2% |
| Accrued charges and deferred income | 492/3 | €1,733 | €1,900 | +€167 | +9.6% |
| Remuneration, social security and pensions | 62 | €16,467 | -€770 | -€17,237 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,147 | €40,631 | -€516 | -1.3% |
| Other operating charges | 640/8 | €8,405 | €8,445 | +€40 | +0.5% |
| Non-recurring operating charges | 66A | - | €2,826 | +€2,826 | |
| Gross operating margin | 9900 | €58,507 | €53,667 | -€4,840 | -8.3% |
| Operating profit (loss) | 9901 | -€7,512 | €2,535 | +€10,048 | |
| Financial income | 75/76B | €5,234 | €1,383 | -€3,851 | -73.6% |
| Recurring financial income | 75 | €5,234 | €1,383 | -€3,851 | -73.6% |
| Financial charges | 65/66B | €2,202 | €670 | -€1,532 | -69.6% |
| Recurring financial charges | 65 | €2,202 | €670 | -€1,532 | -69.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,481 | €3,249 | +€7,729 | |
| Income taxes | 67/77 | -€4,312 | €5,007 | +€9,319 | |
| Profit (loss) for the period | 9904 | -€169 | -€1,759 | -€1,590 | -941% |
| Profit (loss) for the period to be appropriated | 9905 | -€169 | -€1,759 | -€1,590 | -941% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.